Chad Abraham The New Boss At Piper Jaffray

(RTTNews) - Investment bank and asset management company Piper Jaffray Companies (PJC) said Tuesday that Chairman and CEO Andrew Duff will retire as CEO, a position he has held since 2000.

Replacing Duff as CEO is Chad Abraham, currently the company's global co-head of investment banking & capital markets. Duff will continue to remain chairman of the board.

In addition, President and Chief Operating Officer Stuart Harvey has voluntarily decided to resign from his employment at Piper Jaffray, effective December 31, 2017.

Harvey will be replaced as president by Deb Schoneman, currently the chief financial officer and global head of equities. The changes are effective January 1, 2018.

Piper Jaffray noted that during Duff's tenure as CEO, the company increased operating profits and shareholder return by 140 percent and 250 percent respectively, established coverage in energy and financial services, and added offices across the U.S. and globally.

Abraham, the incoming CEO, joined Piper Jaffray in 1991 as an investment banking analyst. He spent the next 13 years on the West Coast as a banker in the company's technology investment banking group.

In 1999, Abraham was promoted to managing director and head of technology investment banking. He was promoted to head of capital markets in 2005, and became the global co-head of investment banking and capital markets in 2010.

Under the leadership of Abraham and co-head Scott LaRue, Piper Jaffray's investment banking division grew revenues by more than three-fold from about $150 million to more than $500 million.

The company also established coverage in energy and financial services, expanded debt capital markets capabilities, and added key offices as well as personnel.

Schoneman, who joined Piper Jaffray in 1990, has held various senior management positions, including finance director of both equity and fixed income capital markets, as well as treasurer. He was named CFO in 2008 and oversaw the company's financial health through the 2008 financial crisis.

As previously announced by Piper Jaffray, Tim Carter will succeed Schoneman as CFO.